Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) is pleased to announce that it has filed a provisional patent application with the United States Patent and Trademark Office directed at methods, systems and techniques for cryptographic token transfers.
This patent application is for a foundational technology to lower costs and improve speed and efficiency of cryptocurrency transactions, even where the value of the transaction may be relatively small, as well as to facilitate converting between cryptocurrencies whose transactions are recorded on different blockchains. It also facilitates storing information of different sensitivity levels on differently permissioned blockchains, which can be useful when privacy is important.
Desmond Griffin, CEO of Glance, says “some of the current barriers to adopting cryptocurrencies for everyday payments are high costs per transaction for small value transactions, slow speed of execution when trying to pay in real time, and potential disclosure of more information than may be desired from a user. This patent application proposes various technological solutions that can be used to solve these problems. The aim for Glance is to make cryptocurrency payments practical for day-to-day payment situations.”
Glance believes that blockchain and cryptocurrencies are fundamentally transformative technologies, providing significant opportunities for the early pioneers in this space. In addition to facilitating cryptocurrency transactions, the technology described in this patent application is applicable to the Glance Coin loyalty reward token that will allow Glance merchants to reward and provide deals and incentives to customers.